EQUITABLE LIFE (no. 2)

As this motion is using historical data, we may not have the record of the original ordering, in which case signatories are listed alphabetically.

This is an amendment to an existing motion

This motion was originally tabled by Dr Ian Gibson on 04 June 2003. This is amendment number 1.

View details of the original motion

Suggested amendment

leave out from "accountants" to end and add"Burgess Hodgson,which appears to show that the liabilities of Equitable Life,including an appropriate reserve for terminal bonus,exceeded the available assets for most of the 1990's:is concerned about press reports that several witnesses,including at least one former director of Equitable Life,have refused to co-operate with the Penrose inquiry:notes that the then Economic Secretary to the Treasury stated in a radio interview on the BBC programme Money box on 1 September 2001 that if certain of the Executive Directors did refuse to give evidence to the Penrose Inquiry she would not hesitate to put it on a statutory footing;calls upon the Government to find out which witnesses have refused to co-operate and to take appropriate action;calls upon the Government to ask Lord Penrose publicly to state a date before which his report will be completed;and calls on the Parliamentary Ombudsman immediately to investigate the complaints of maladministration relating to the period before 1999 that have been referred to her by many honourable Members on behalf of their constituents"

Original motion text

That this House notes the forensic study of the Equitable Life's accounts by accountants Burgess Hodgson, which revealed a ú1 billion black hole in the Society's finances at the beginning of the 1990's; also notes that the report demonstrates the Society's management consistently voted bonuses so that its liabilities were in excess of its assets; is concerned that the financial information available to Burgess Hodgson was also available to the regulators at the time; notes that many pensioners are currently suffering financial hardship because of the Society's mismanagement and an apparent failure of the regulatory system to protect policyholders; and calls on the Parliamentary Ombudsman to immediately investigate the complaints of maladministration relating to the period before 1999 that have been referred to her by many honourable Members on behalf of their constituents.

The first 6 Members who have signed to support the motion are the sponsors. The primary sponsor is generally the person who tabled the motion and has responsibility for it. The date shown is when the Member signed the motion.

EDM (Early Day Motion) 1337A1: tabled on 18 June 2003

This is an amendment to an existing motion

Suggested amendment

Original motion text

Signatures (54)